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Standard Life closes European and US-focused funds of funds on combined £760m11/06/2007. Source: AltAssets. 
 Edinburgh, Scotland-based Standard Life Investments has raised two new funds. The firm's latest European-focused private equity fund of funds, European Strategic Partners 2006, closed on €900m, while North American Strategic Partners, SLI's first US private equity fund of funds product, closed on $300m earlier this year.
David Currie, chief executive, Standard Life Investments (Private Equity), said, 'I am delighted to announce the successful final close of both of these private equity funds of funds which represents a total of over £760m.'
Commitments to ESP 2006 came from investors in North America, Europe, the Middle East, Asia, and the UK. The European fund of funds held a first closing in March 2006 and a second closing in May 2006.
A total of €660m will be invested in private equity funds and €240m is available for co-investments. Over €320m has already been committed to private equity funds on behalf of the fund, the firm said. On the co-investments side, ESP 2006 has already invested a total of €28m.
'ESP 2006 started to make commitments to European buy-out firms soon after its first close and now has 12 funds in its portfolio. The co-investment portfolio is also progressing well with four investments. We anticipate making further commitments, both in terms of fund investment and co-investment opportunities, during 2007,' Currie added.
NASP 2006 was capped at $300m with commitments received from North American, UK and Middle East investors who included pension plans and financial institutions. Half came from existing clients and half from new investors. The money raised will be managed from SLI's Boston office which has five private equity investment executives, led by Dan Cahill, dedicated to investing in the North American market.
SLI previously raised €1.225bn for ESP 2004 (and related segregated mandates) in 2005. ESP II had a final closing on €1.09bn in January 2004, and ESP closed on €868m in October 2000.
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